To build lasting wealth in Nigeria, ensure you obtain adequate insurance before investing in stocks, real estate, or mutual funds. Many individuals skip this essential step, fixating on returns and thereby exposing their families to unnecessary risk.
Insurance is not merely an expense; it is the foundation of any robust financial plan, especially for those with dependents. It serves as the safety net safeguarding all that you build. In investment strategy, defining objectives, understanding risk profiles, and setting time horizons are essential. However, protection of assets must precede these steps. If you support a spouse, children, or aged parents, life insurance must be the priority. Before allocating funds to a trust or opening a broking account, ensure your loved ones are protected from financial hardship in your absence. Building this foundation demonstrates that prioritising insurance is essential. Therefore, insurance must come first before establishing your investment portfolio.
“In investment strategy, defining objectives, understanding risk profiles, and setting time horizons are essential. However, protection of assets must precede these steps. If you support a spouse, children, or aged parents, life insurance must be the priority.”
